The Bear Is Back, Say Chartists

Actually, it's just reawakening after having been lulled to sleep by central bankers.

If you laid all the economists in the world end to end, they still wouldn't reach a conclusion. By contrast, a large cohort of technical analysts is remarkably unanimous in their view of the stock market's direction -- down.

Richard Russell, the dean of the chartists who still is at it penning the Dow Theory Letters after more than half a century, declares the bear is back.